▲ Korean minimum wage has been increase every year.

Most koreans people work in order to live. Some people do part time job to get minimum wage. However, as price increases, they find hard to live with minimum wage because it is not sufficient to follow the price and sustain their life. So. on July 2017, employees user members, and public members gather in a committe to decide to next year's minimum wage.

 On July 2017, increasing the minimum wage to 7,530won was decided . Nine employees, nine user members, and nine public members gathered and negotiated on how much minimum wage should be increased. They voted. As a result, the minimum wage next year will be increased to 7,530 won. This decision of negotiation had tendency to be affected by President Moon's promise. He said that in the period of his presidency, the minimum wage will be increased 40,000 won.

 However, it has a double-edged sword. First of all, it has advantages. As minimum wage increases, the consumption will increase. too. Consequentially, it helps domestic demand and price stabilization. Also, it can result to fountain effect. When consumption increases, enterprises or big businesses' production and investment will increase, too. However, increasing wage has not only advantages but also disadvantages. A big company's economic activity will shrink. and the country's economy will damage, too. Micro-enterprise and small businesses have loss about burdening of personnel expenses. so take a hit operating company. So, they have to make effective alternative method to overcome crisis.

▲ People hope that minimum wage will be increased to 10,000 won.

 Minimum wage increase to 7,530 won next year. It is because the price increases generally. Negotiating employees, user members, and public members, this wage was decided. However, this has a problem of raising wage. It can make enterprises' economic activity shrink and lose personnel expenses. Nevertheless, it can increase consumption. Also it can bring fountain effect, so it can stimulate a company's production or investment. As next year's minimum wage will increase a lot, people have been interested in increasing the minimum wage to 10,000 won in reality.

July 30th, by Yi Sarang